Mar 31, 2012
1.1 Dues to Small Scale Industries:
Based on the information available with the company there is no amount
owed by the Company to any micro small and medium Enterprises covered
under the Micro Small & Medium Enterprises Development Act 2006.
Hence no disclosure under Section 22 of the said Act is required.
1.2 DETAILS OF DEFERRED TAX ASSETS/LIABILITY:
No provision has been made for deferred tax asset/ liability in view of
the losses and absence of certainty that the deferred tax asset would
be realized.
1.3 SEGMENT REPORTING
a) The Company basically produced only specialty chemicals and the
company has not undertaken any business during the year hence no
segemntal reporting is required.
1.4 The Company has not written-back/writen back old creditors &
Debtors during the year.
1.5 The Associate Company M/s. Mahakrishna Chemicals Ltd. is in the
opinion of the Auditors constitute subsidiaries of the company. But
the financial results of the same are not consolidated with the
Company's accounts.
1.6 CONTINGENT LIABILITIES (Value in Lacs of
S.No. Particulars Current
Year Previous
Year
1.6.1 Custom duty which may arise if
obligation for exports is
not fulfilled against import or raw materials 91.76 78.92
1.6.2 Estimated amount of claims against
the company and
pending under disputed law suits (net of
deposit in court) 28.61 28.61
1.6.3 Disputed liability to Bankers
on account of interest 2.68 2.68
Total 123.05 110.21
1.7 The balances of debtors creditors and loans and advaces are
subject to independent confirmation from the parties.
1.8 The previous year's figures have been regrouped / recast wherever
necessary to make them comparable.
1.9 Depreciation has been provided only on assets used during the
year.
1.10 Company may have to pay liability of feinchemie in foreign
currency but the provision for the exchange rate fluctuation has not
been considered in the books of accounts as per AS-11-effects of
changes in foreign exchange rates.
Mar 31, 2011
1.0 OTHER NOTES ON BALANCE SHEET AND PROFIT & LOSS ACCOUNT:
2.1 Dues to Small Scale Industries:
Based on the information available with the company, there is no amount
owed by the Company to any micro, small and medium Enterprises covered
under the Micro, Small & Medium Enterprises Development Act, 2006.
Hence no disclosure under Section 22 of the said Act is required.
2.11 DETAILS OF DEFERRED TAX ASSETS/LIABILITY:
No provision has been made for deferred tax asset/ liability in view of
the losses and absence of certainty that the deferred tax asset would
be realized.
2.12 SEGMENT REPORTING
a) The Company basically produced only specialty chemicals and there is
no export of goods during the year. Thus, identifiable business sector
& geographical segment wise cannot be done.
2.13 RELATED PARTY DISCLOSURES:
2.13.1 List of related parties:
Associate Companies : a) Mahakrishna Chemicals Ltd.
Key Management Personnel /
Relatives a) Mr. P. K. Mahajan - Managing
Director
2.14 The Company has identified and written-back certain very old
creditors worth Rs. & Debtors amounting to Rs.30/- & same has been
written off as not realizable during the year.
2.15 The Associate Company, M/s. Mahakrishna Chemicals Ltd. is in the
opinion of the Auditors, constitute subsidiaries of the company. But
the financial results of the same are not consolidated with the
Company's accounts.
2.16 CONTINGENT LIABILITIES (Value in lacs of Rs):
S.No. Particulars Current Year Previous Year
2.16.1 Custom duty which may arise
if obligation for exports is
not fulfilled against import
or raw materials 78.92 67.85
2.16.2 Estimated amount of claims
against the company and
pending under disputed law
suits (net of deposit in court) 28.61 28.61
2.16.3 Disputed liability to Bankers
on account of interest 2.68 2.68
Total 110.21 99.14
2.17 The balances of debtors, creditors and loans and advaces are
subject to independent confirmation from the parties.
2.18 The previous year's figures have been regrouped/recast wherever
necessary to make them comparable.
2.19 Depreciation has been provided only on assets used during the
year.
2.20 Company may have to pay liability of Feinchemie in foreign
currency but the provision for the exchange rate fluctuation has not
been considered in the Books of Accounts as per AS-11-Effects of
changes in Foreign Exchange rates.
2.21 The Company has paid under One Time Payment of Term loan as
proposed by IDBI at a full & final settlement of Rs. 292 Lacs as
against the total outstanding amount of Rs. 432 Lacs. IDBI agreed to
waive off the interest element from the total amount outstanding. The
Company has made full payment of Rs. 292 Lacs and have adjusted the
Interest waived and waiver of part amount on the term loan as
confirmation of same is received from IDBI.
Mar 31, 2010
1.0 CONTINGENT LIABILITIES (Value in lacs of Rs):
S.No. Particulars Current Year Previous Year
1.1.1 Custom duty which may arise
if obligation for exports is
not fulfilled against import
or raw materials 67.85 59.00
1.1.2 Estimated amount of claims
against the company and
pending under disputed law suits
(net of deposit in court) 28.61 39.71
1.1.3 Disputed liability to Bankers on
account of interest 2.68 2.68
Total 99.14 101.39
2.1 The balances of debtors, creditors and loans and advances are
subject to independent confirmation from the parties.
2.2 The previous years figures have been regrouped/recast wherever
necessary to make them comparable.
2.3 Depreciation has been provided only for six month due to
non-operation of the company.
2.4 Company may have to pay liability of Feinchemie in foreign
currency but the provision for the exchange rate fluctuation has not
been considered in the books of accounts as per AS-11- Effects of
changes in foreign Exchange rates.
2.5 The Plant & Machinery worth of Rs. 912.02 lacs which has been
identified as unusable and its recoverable amount is less than the
carrying cost but the company has not provided the impairment loss in
the books of accounts as per Impairment of Assets (AS-28)
2.6 The Company agreed for One Time Payment of Term loan as proposed
by IDBI at a full & final settlement of Rs. 292 lacs as against the
total outstanding amount of Rs. 432 lacs. IDBI agreed to waive off the
interest element from the total amount outstanding. The Company has
made full payment of Rs. 292 lacs but Rs. 432 lacs is shown outstanding
in the balance sheet since no confirmation of the same is received from
IDBI as on 31st March, 2010.
2.7 Schedules 1 to 21 form an integral part of Balance Sheet as at
31-03-10 and Profit and Loss A/c for the year ended that date.